Curtis Mcwilliams Sells 2,572 Shares of Ardmore Shipping (NYSE:ASC) Stock

Ardmore Shipping Corporation (NYSE:ASC) Director Curtis Mcwilliams sold 2,572 shares of Ardmore Shipping stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $19.05, for a total value of $48,996.60. Following the sale, the director directly owned 78,101 shares of the company’s stock, valued at approximately $1,487,824.05. The trade was a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Ardmore Shipping Stock Performance

NYSE:ASC opened at $18.94 on Friday. The stock has a market cap of $771.30 million, a P/E ratio of 14.24 and a beta of 0.03. The stock has a 50 day simple moving average of $16.17 and a 200 day simple moving average of $13.79. The company has a current ratio of 4.87, a quick ratio of 4.43 and a debt-to-equity ratio of 0.16. Ardmore Shipping Corporation has a 1-year low of $9.18 and a 1-year high of $20.02.

Ardmore Shipping (NYSE:ASC) last released its quarterly earnings results on Thursday, May 7th. The shipping company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.07. The business had revenue of $87.92 million during the quarter, compared to analysts’ expectations of $58.08 million. Ardmore Shipping had a return on equity of 9.63% and a net margin of 18.00%.

Ardmore Shipping Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 8.2%. The ex-dividend date of this dividend is Friday, May 29th. This is an increase from Ardmore Shipping’s previous quarterly dividend of $0.09. Ardmore Shipping’s payout ratio is 27.07%.

Hedge Funds Weigh In On Ardmore Shipping

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zions Bancorporation National Association UT acquired a new position in Ardmore Shipping in the 4th quarter valued at $25,000. Raymond James Financial Inc. acquired a new position in Ardmore Shipping in the 2nd quarter valued at $38,000. Ameriflex Group Inc. acquired a new position in Ardmore Shipping in the 3rd quarter valued at $59,000. EverSource Wealth Advisors LLC raised its holdings in Ardmore Shipping by 1,689.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,444 shares of the shipping company’s stock valued at $81,000 after acquiring an additional 7,972 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Ardmore Shipping by 536.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,737 shares of the shipping company’s stock worth $84,000 after buying an additional 7,364 shares in the last quarter. 62.22% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ASC has been the subject of several research reports. Evercore set a $19.00 price target on Ardmore Shipping in a report on Tuesday, April 21st. Wall Street Zen raised Ardmore Shipping from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.00.

About Ardmore Shipping

Ardmore Shipping Corporation is a Bermuda-based provider of seaborne transportation services for refined petroleum products. The company owns and operates a modern fleet of product tankers, including medium-range (MR), long-range 2 (LR2) and Aframax vessels. Ardmore Shipping focuses on the ocean carriage of clean and dirty petroleum products under time charters, bareboat charters and spot voyages, serving a diverse customer base that includes major oil companies and trading houses.

Since its founding in 2005, Ardmore Shipping has grown its fleet through newbuilding contracts, second-hand acquisitions and fleet renewals, aiming to maintain a high quality, fuel-efficient profile.